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Definition
| Highest for of ownership one can attain. Includes the bundle of rights and Unlimited tenance. |
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Definition
| Differ according to duration. Include both Fee simple and Life estate |
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Term
| Two Forms of Fee Simple Estates |
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Definition
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Term
| Difference between Absolute and Defeasible |
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Definition
| Absolute has no stipulation or restricted use. Defeasible states property must be used for certain things, or conditions, Estate reverts if not met either condition subsequent (potentially) or determinable (Automatically) |
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Term
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Definition
| Broker who renders services for a fee |
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Term
the surface area of the earth
• everything beneath the surface of the earth extending downward to its center
• all natural things permanently attached to the earth
• the air above the surface of the earth extending outward to infinity. |
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Definition
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Term
| 3 Physical Characteristics of land |
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Definition
| immobility, indestructibility, and heterogeneity (Uniqueness). |
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Term
| Definition of Real Estate Include these two parts |
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Definition
* land
* all man-made structures that are "permanently" attached to the land |
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Term
| Bundle of rights includes these 5 Rights |
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Definition
| Possess, use, transfer, encumber, & exclude |
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Term
| Asset that is Physical, Visible, and Material. |
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Definition
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Term
| Doctrine that states own all water rights |
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Definition
| Doctrine of prior appropriation |
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Term
| Non Moving, Navigable bodies of water enjoy ________ Rights |
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Definition
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Term
| In littoral rights ownership extends to |
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Definition
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Term
| Moving water is covered by _________ |
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Definition
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Term
| Personal Property that has been affixed permanently to Real property is called... |
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Definition
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Term
| Item affixed by a tenant in order to conduct business. |
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Definition
| Trade Fixtures or Chattel Fixtures |
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Term
| Plants and Crops requiring human labor and intervention |
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Definition
| Emblements- If the farmer grew the crop then it's his at harvest regardless of lease expiration. |
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Term
| Land, Fixtures, attachments, and Conversions by affixing are types of |
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Definition
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Term
| Trade Fixtures, Emblements, conversion by severance are types of |
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Definition
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Term
| Real Estate Taxes are at the BLANK Level |
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Definition
| State or Local. Usually Local |
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Term
| If you have a right of possession you are said to have an ____ in land. |
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Definition
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Term
| If you have an interest in the property but no ownership you have an .... |
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Definition
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Term
| No remainder interest so original owner has a |
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Definition
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Term
| Two types of life estates |
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Definition
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Term
| State Level statute enabling a surviving spouse to make a minimum claim to the deceased spouses real and personal property. |
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Definition
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Term
| Tenant refuses eviction is an estate at_______ |
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Definition
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Term
| Leasing home to father with no set end date is an example of an |
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Definition
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Term
| Widowers rights to deceased husband assets |
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Definition
| Dower (Curtsy is the opposite) |
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Term
| 3 synonyms for Tenancy in severalty |
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Definition
| Sole Ownership, Ownership in severalty, and estate in severalty |
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Term
| Characteristics of co ownership |
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Definition
| Two or more owners, Identical Rights, interests individually owned, electable ownership shares, no survivorship, no unity of time |
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Term
| Type of estate for Lindale |
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Definition
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Term
| Tenancy owned by a group that must be used for the groups business |
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Definition
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Term
| Same as a living will but established upon death |
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Definition
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Term
| What happens if a land trust is not renewed? |
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Definition
| Trustee is obligated to sell and distribute the proceeds. |
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Term
| Who holds legal title in a trust |
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Definition
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Term
| Who owns property as tenants of entirities? |
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Definition
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Term
| In a time share freehold , owners acquire |
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Definition
| undivided interest in the prop. |
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Term
| Easement that gives a property owner a right of usage to portions of an adjoining party. |
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Definition
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Term
| One persons right to access property |
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Definition
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